In his blog post announcing the release candidate, Scott Hanselman explains the status of ASP.NET and Web Tools 2012.2:

Why isn't this called ASP.NET 4.6? Because it's not. The GAC'ed ASP.NET 4.5 doesn't change. This is mostly a tooling update as well as a collection of NuGet-based libraries that augment but don't replace ASP.NET 4.5. If we called if ASP.NET 4.6 then folks would think they needed to rush to update their servers. They don't. It's an update for "Web Tools for VS 2012" but that's lame, so since we got the VS guys to use the .1, .2, .3 scheme rather than September Update CTP Refresh, then we can make things easier by calling this Web Tools 2012.2.

He has a lot more to say about the release in this hour-long video that was presented at BUILD. Note, however, that this presentation relates to an earlier version and also predates the latest name:

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